Pryme Oil and Gas

Pryme Oil And Gas Limited (ASX:PYM) Deshotels 20-H No.1 Drilling Update At Turner Bayou Chalk Projec

Press Release   •   Sep 28, 2010 17:25 AEST

Pryme Oil and Gas Limited (ASX:PYM) (OTCQX:POGLY) is pleased to announce that directional drilling to intersect the Austin Chalk formation at the target depth of approximately 15,330 feet (4,672 metres), and establish the 4,500 feet (1,372 metres) long horizontal leg of the well, is underway. As a result of delays in commencing directional drilling it is now expected that the drilling of the horizontal leg will be completed towards the end of October.

The wireline logs run in the vertical hole of the Deshotels 20H No.1 provided valuable data used to allow the operator to interpret more precisely the principal fracture orientation in the area and has been used to optimise the orientation of the horizontal leg.

Pryme has a 40% working interest (30% net revenue interest (NRI)) in this well.

Project Description

The Deshotels 20-H No.1 well in the North Bayou Jack Field is the first deep well to be drilled within the Turner Bayou 3D seismic survey. The well is targeting the Austin Chalk formation which is predominantly oil bearing in this region.

Turner Bayou is one of Pryme's high value projects. It is located in Avoyelles Parish, Louisiana. Pryme has a 40% interest in the Turner Bayou Chalk project area, which is contained within the Turner Bayou 3D seismic survey, and a 52% interest in the balance of Turner Bayou. The Turner Bayou project comprises approximately 80 square miles (50,000 acres) which have been imaged by a proprietary 3D seismic survey. Primary targets are contained within six prospective formations ranging in depth from the Frio formation at 3,000 feet, to the Tuscaloosa formation at 18,000 feet.

Link: http://www.abnnewswire.net/media/en/docs/63827-ASX-PYM-506883.pdf


About: Pryme Oil and Gas Limited

Pryme Oil and Gas Limited (ASX:PYM) (OTCQX:POGLY) is an Australian oil and natural gas producer and explorer with interests in the Gulf States of the U.S. The company has oil and gas exploration projects focused on Louisiana, the fifth-largest oil-producing state in the U.S. These projects are funded in part by existing cash flow. Pryme’s board of directors and management team has over 100 years of energy industry experience and has uniquely focused local knowledge, underscored by the proven track records of its managers and directors. Pryme Oil and Gas shares are available either through the purchase of its ordinary shares on the Australian Securities Exchange (ASX) or through its listed American Depositary Receipts (ADRs) in the U.S. on the OTCQX.



Contact:Justin Pettett Managing Director Pryme Oil and Gas Limited Tel: +61-7-3371-1103 Ryan Messer Chief Operating Officer Pryme Oil and Gas Limited Tel: +1-713-401-9806 http://www.prymeoilandgas.com